Can it be simpler to save yourself or pay it back?
It really is a easy concern spilling through the lips of over four million previous graduates. “If i have got supplemental income, can I spend down my education loan? ” the clear answer relies on whether you have other debts so when you learned, as that dictates whether your rate of interest is 3.3% or 1.75per cent.
This guide that is easy-to-follow for almost any pupil whom began uni before 2012, and Scottish and Northern Irish pupils starting ever since then. We are going to speedily take you through just how to work down your position, the method that you’re impacted and solution one of the keys ‘should we pay it back? ‘ question.
English or Welsh pupil whom began college in 2012 or later on? This is simply not for you personally. See Martin’s ‘Student’s interest now 5.4%’ guide.
This guide just covers official figuratively speaking Company (SLC) loans, maybe not private, Career developing or studies loans that are professional. For anyone see our repay Debts With Savings? Guide.
In this guide
Would like to watch as opposed to read? See Martin’s movie below
Step one: check always YOUR education loan kind
A generation that is whole of are in possession of student education loans. Whoever began degree since 1990 is qualified – so even people who graduated 25 years back could have them still.
Sadly a majority of these many people have had little, if any, training on these issues – for loads more details on exactly how this is often rectified, start to see the Financial Education Campaign that is full part.
Just how student education loans work differs radically dependent on once you began advanced schooling.
Click tab for info about your loan type. Trying to find information about 2012+ loans in England & Wales? Martin’s written a brand new guide particular to your loans.
Who has got them? Every person whom began advanced schooling between 1998 and 2011, and Scottish and Northern Irish pupils starting after 2012.